An international syndicate of debit card cloners was recently busted in India and investigations revealed that bitcoin was used in their transactions. As it turns out, the gang siphoned money out of ATM machines using these cloned cards then converted the funds to bitcoin before being distributed to its members.
One of the key attributes of bitcoin is its pseudo-anonymity, as transactions are validated using complex algorithms and cannot always be traced back to any identities. This has been one of the reasons why the cryptocurrency has typically been tapped by scammers or hackers, as this makes it slightly difficult for authorities to track down perpetrators.
http://www.newsbtc.com/2016/02/10/bitcoin-used-in-card-clone-scheme-in-india/
Topic: [2016-02-10] NewsBTC - Bitcoin Used in Card Clone Scheme in India (Read 279 times)
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